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BCG PLATINION INSURANCE ARCHITECTURE BENCHMARKING

ARE YOU STRUGGLING WITH COMPLEXITY IN YOUR IT ARCHITECTURE?

 

OUR DATA-DRIVEN BENCHMARKING CAN IDENTIFY AREAS FOR IMPROVEMENTS AND NEXT STEPS!

BCG Platinion Insurance Architecture Benchmarking is a unique consulting product that measures and compares key metrics of your IT architectures. Our standardized and battle-proven approach has been continuously refined since its inception in 2011. We identify key areas for architectural enhancement and next steps leveraging a large repository of insurance-specific data points, including companies comparable to yours!

 

“Our mission? Supporting our clients in obtaining a competitive advantage by leveraging a modern and mature IT architecture”
— Robert Daniel, Head of Practice Area Insurance

 

 

BCG Platinion Insurance Architecture Benchmarking

Key facts & figures

Since its inception in 2011, the Insurance Architecture Benchmarking is a key product of BCG Platinion’s Insurance Practice Area. It already served numerous clients for initiating, steering and reviewing programs to modernize and reduce complexity of their IT architecture.

30+

insurers from German-speaking countries with comprehensive data sets for benchmarking and further enrichment of results

160B€

covered gross written premiums combined across all participants

45%

of German-speaking insurance market volume covered in 2018

WHY IS A MODERN AND MATURE IT ARCHITECTURE CRUCIAL FOR INSURANCE COMPANIES?

 

Traditional insurance companies have been ever facing increasing pressure for digitization in recent years. Clients are frequently demanding simple and cost-efficient yet tailored insurance products and services offered in a modern, digital way. A modern IT architecture is a fundamental prerequisite to keeping up with that demand!

We help you overcome key challenges that can only be addressed with a modern and mature IT architecture

We help you overcome key challenges that can only be addressed with a modern and mature IT architecture

Reach strategic business goals

enabled by a state-of-the-art, highly flexible & robust IT architecture

Deliver modern UIs and UX

through seamless integration of heterogeneous application landscapes

Guarantee business continuity

by decoupling customer-facing applications from legacy core systems

Integrate digital eco systems

to combine the innovation power of InsurTechs with experienced incumbents & their long-lasting client relationships

Grow business in new markets

to address young customer groups demanding digital-native products & solutions

Increase business efficiency

by automating manual tasks in non-differentiating areas

 

 

Historically grown and complex IT architectures pose a major obstacle to insurance companies on their way to a digital future. High technological heterogeneity, outdated technology stacks, and a lack of IT-strategic rigor are just some key problems.
BCG Platinion’s unique Insurance Architecture Benchmarking establishes transparency on current & ambitious yet attainable target states. The consolidated view on competitors’ current maturity and performance is our key differentiating factor and cannot be found elsewhere in the market.

 

 

Learn more about the details

Investigate our offering in-depth below

Key objectives
Methodology
Modules

Focus Digitization

Specific analyses of the digital module allow us to derive key recommendations for digital use cases

 

A profound analysis of architectural maturity for digitization is performed as part of the benchmarking. It focuses areas of high interest such as Agile and DevOps, Artificial Intelligence, the existence of key architectural patterns, and the degree of infrastructural industrialization.

 

Therefore, we measure capabilities and technical prerequisites related to digitization against a set of sophisticated and opinionated architectural best practices derived from our deep technical know-how and continuous projects in the industry.

Agile

How well can the company adopt to the ever faster changing requirements?

 

In which applications are agile development methods already used?

 

How strong is the cooperation between business, application development and operations in the implementation of the digital strategy?

DevOps

How well is the software development life cycle supported by automating process steps?

 

Which maturity level do the various DevOps ecosystems provide?

 

What key capabilities can be leveraged using the existing tools?

Artificial Intelligence

How and where are modern, machine learning algorithms in place to improve model-based predictions?

 

How advanced is process automation within the company?

 

To what extent is a data exchange between applications and data warehouses in place to provide a basis for self-learning algorithms?

Capability Assessment

What gaps exists between desired and current capabilities for specific use cases?

 

How for advanced is the establishment of a digital ecosystem to provide a basis for digital offerings?

 

Which capabilities are already available to drive the establishment of digital offerings?

Infrastructure Industrialization

How wide spread are IT self service offers for infrastructure in the company?

 

How advanced is automation of IT infrastructure operations?

 

How much complexity does the company cope with an its own in terms of running its own infrastructure?

Architectural Enabler

How well is the application landscape prepared for the implementation of digital offerings?

 

In which areas of the application landscape is renewal required in order to meet future challenges?

 

To what extent do architecture patterns and development methods fit together?

Impact of our Insurance Architecture Benchmarking

 

By looking holistically at both business and IT, most suitable areas for improvement and best next steps are determined. Benchmarking insights frequently serve as valuable input for (non-IT) top management decision-making and trigger large transformations and modernization programs.

European insurance company started a transformation program with a double-digit million budget to consolidate the application landscape

Large insurance company initiated a multi-year redesign of its application landscape modernizing an outdated monolithic system by leveraging micro services, agile methodologies and continuous delivery

Mid-sized insurance company relies on focused modernization in identified fields of action with market and customer impact due to the lock of a larger IT budget

Insurance company leverages bi-annual benchmark results to review the progress and efficiency of ongoing key projects

How to get in touch?

 

In case you have any questions regarding our Insurance Architecture Benchmarking or want to get in touch to conduct a benchmarking at your company please reach out to us!

 

Robert Daniel
Associate Director und
Head of PA Insurance